When art becomes functional and furniture becomes collectible, insurance matters
February is shaping up to be a standout month on Cape Town’s cultural calendar, with two major design-led events – Furniture Week and the Art Fair – taking place back-to-back.
While each event has a distinct focus, the boundaries between art, design and furniture are becoming increasingly blurred, as functional pieces become collectible and artworks move beyond gallery walls into everyday living spaces.
This convergence brings creativity and character into living spaces, but as Marius Kemp, Head of Personal Underwriting at Santam, notes, it also raises important questions about how these high-value items are insured. “We’re seeing more people investing in pieces that sit at the intersection of art and furniture. These are often one-of-a-kind or limited-edition items, which means replacing them is not as simple as visiting a retail store if something goes wrong,” he says.
Unlike building insurance, which covers the physical structure of a home, home contents insurance is designed to protect everything inside it, from furniture and appliances to artworks and personal possessions. Kemp explains that a useful way to think about contents is to imagine turning a house upside down. “Everything that would fall out is generally considered home contents and should be insured as such,” he says.
The challenge, however, is that many people underestimate the value of what they own, particularly when items have been acquired gradually or purchased for their aesthetic appeal rather than their long-term worth. Designer furniture, custom pieces and original artworks can significantly increase the replacement value of a home’s contents, often without the owner realising it.
“Events like Cape Town Furniture Week and the Investec Cape Town Art Fair encourage people to invest in beautiful, well-made pieces, which is a positive trend,” says Kemp. “But from an insurance perspective, every meaningful purchase should trigger an engagement with your insurer or broker to ensure your cover still reflects reality.”
This is especially important when items are acquired at events and transported home, as damage or loss can occur during transit, installation or positioning. Kemp notes that while standard home contents policies provide cover against insured perils such as fire, theft or water damage, certain high-value items may need to be specified separately, depending on the policy and the value involved.
“Artworks and designer furniture can be vulnerable at multiple points, whether that is being moved, stored or displayed,” he says. “If an item has a high value or is irreplaceable, it is critical to check whether it falls within standard limits or requires specialist cover.”
Another common oversight is failing to update contents valuations over time. Home contents insurance typically pays out based on the sum insured, and if that amount is too low, claims may be settled on a pro-rata basis, leaving the policyholder to cover the shortfall themselves. As Kemp explains, “People often only assess their contents when they first take out a policy, but homes evolve. As collections grow and tastes change, values increase, and insurance needs to keep pace.”
For art and design enthusiasts attending either or both events this month, Kemp recommends keeping an up-to-date inventory of valuable items, including photographs, descriptions and purchase values, as well as reviewing this regularly with an insurer.
“This not only helps ensure adequate cover but can also streamline the claims process if something does go wrong,” he says. “As our homes increasingly reflect our personal identities through art and design, protecting those investments becomes an essential part of managing financial risk,” he concludes.
